# taxpayers
22 posts in `taxpayers` tag
Taxpayers Alert SMS Income Tax Department How To Respond
Recently numerous taxpayers have shared that they have received an SMS from the Income Tax Department containing the following message:
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By Krishna
Taxpayers Unable Access It Portal Last Hour Rush It Dept Tweets Solutions
Today 31st of July 2023 is the last date to file income tax returns and provided million of taxpayers are rushing to file their income tax returns on the tax portal. Due to heavy traffic on the tax portal, taxpayers are facing some issues with the non-functions of the IT portal.
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By Krishna
Itr Filing Deadline consequences importance file on time benefits drawbacks
If an individual earning income misses the ITR filing deadline, they can still do so by paying a late fee. The late fee is Rs. 5,000 for an annual taxable income of Rs. 5 lakhs or more, and Rs. 1,000 for taxable income below Rs. 5 lakhs.
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By Krishna
CBDT Direct Tax Collection Update: Income Tax Department Provides Information for ITR Filers
As of now, Net Direct Tax Collection has increased by 15.87 percent to Rs 4.75 lakh crore on an annual basis during the financial year 2023-24. As per the notification released by the Ministry of Finance, the gross collection is Rs 5.17 lakh crore.
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By Krishna
GSTR-9 & GSTR-9C Filing Requirement Waived: Turnover-based Exemption for Taxpayers with 2 Cr. & 5 Crore Turnover
For Reducing the Compliance burden of Small Taxpayers, CBIC take this step and made this waving-off of the Filing requirement decision to contribute more to the ease of doing business initiatives.
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By Krishna
Alert for Taxpayers: Missing Data on Advance Tax Payments in Prefilled Returns Forms
While filing the Income Tax Return, the details of a taxpayer get auto-populated from Form 26AS as a pre-filling technique into the ITR form. However, this pre-filling feature is missing in upcoming returns forms
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By Krishna
Mandatory e-invoicing for Taxpayers having aggregate turnover INR 50mn
As per Notification no: 13/2020-Central Tax dated 21 March 2020, the Indian government mandated the use of e-invoicing for specified individuals or entities with an annual turnover (ATO) exceeding INR 100 Mn in any financial year from 2017-18 onwards.
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By Krishna
Time Barring of Scrutiny of GST Returns of Delhi Taxpayers For The FY 2017-18, 2018-19 & 2019-20
The Delhi GST Department said in a Circular vide F.3/432/GST/Policy/2022/582-89 on 08 May, 2023, regarding the time barring of Scrutiny of GST Returns of Delhi taxpayers for the FY 2017-18, 2018-19 & 2019-20.
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By Krishna
GSTN Advisory To Taxpayers: The Timely Filing of GST Returns
The goods & services tax network issued an advisory on 4th May 2023 on the context of timely filing of GST returns
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By Krishna
Supreme Court Ruling On Income Tax Searches To Provide Relief To Taxpayers
The Supreme Court made this ruling in response to several appeals filed by the revenue department, all of which were ultimately dismissed by the apex court...
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By Krishna
Section 115BAC of The Income Tax Act
Individuals are able to pay income tax at a reduced rate thanks to Section 115BAC. However, anyone who choose the new tax system under Section 115BAC must forgo almost 70 tax exemptions and deductions.
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By Krishna
Statutory & Compliance Calendar For January 2023
All businesses, regardless of the business structure held onto statutory compliance and complete all the vital filings before the due dates. For all business transactions, there are some essential compliances that a business owner must fulfill as a moral duty. These compliances are timely framed and must be completed within the prescribed time by the Government.
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By Krishna
Common ITR Form - 5 Ways In Which Common ITR Will Benefit Taxpayers
The Central board of direct tax has floated the idea of a Common ITR form which will be taken place of the existing 7 seven ITR forms. Ease the process However, the current ITR-1 and ITR-4 will be there. This provides an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4), or the proposed common income tax return.
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By Krishna
5 Things Taxpayers must follow while filing ITR
Most taxpayers can make mistakes while submitting their ITR for a variety of reasons, including negligence, a lack of time, or incorrect information.
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By Krishna
Everything About Property Tax You Must Know
Property tax is a type of amount that must be paid by the landowner to the municipal corporation of your area or the local government for yours. The tax must be paid every year.
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By Krishna
CBIC to Provide Big Relief for these GST Small Taxpayers
CBIC will provide significant relief to these GST small taxpayers by lowering interest rates for a specified period of time for tax periods ranging from February to July 2020.
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By Krishna
GST Small Taxpayers Provided Facility Of Filing NIL Form GSTR-1
Big Relief For These GST Small Taxpayers Holders Provided Facility Of Filing NIL Form GSTR-1 Through SMS On GST Portal.
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By Krishna
7 Self assessment tax liability for FY19-20 over Rs 1 lakh
The interest under Section 234A will be charged from August 1, 2022 until their taxes are paid.
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By Krishna
Prime Minister Narender Modi Gifts to Taxpayers
Prime Minister Narendra Modi Gave Three Gifts To The Taxpayers -Faceless Assessment, Faceless Appeal And Taxpayers Charter.
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By Krishna
Govt extends timelines of certain compliances
Govt Extends Timelines Of Certain Compliances, To Mitigate The Difficulties Faced By Taxpayers Due To The Ongoing COVID-19 Pandemic.
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By Krishna
Extension of Time Limits of Certain Compliance to Provide Relief to Taxpayers
It has been determined to offer income-tax exemption to ex-gratia payments in order to alleviate the burden on the taxpayer's family members.
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By Krishna
What is a GST Audit
The records, returns, and other related documents must be allocated or maintained under GST or more laws.
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By Krishna